December 18, 2007: 08:00 AM EST
Solar EnerTech Corp. (OTCBB: SOEN) (the "Company") today announced that it has entered into a sales contract with Sky Solar (Hong Kong) International Co., Ltd., a subsidiary of Sky Global Group to distribute solar modules. Sky Global Group is a global distributor and system integrator of solar panels.
The total shipment to Sky Solar under the contract amounts to approximately US$21.8 million. Shipments, aimed for solar power installations in Spain, are scheduled to be delivered over a 5-month period beginning in December 2007, with the majority of solar module shipments scheduled for the Company's 2008 fiscal second quarter.
Mr. Leo Young, Chief Executive Officer of Solar EnerTech commented, "We are quite pleased to commence shipments of our solar modules to one of the largest solar system integrators in Europe. This sales order is our largest to date and will provide us with stronger revenue growth in the first half of fiscal 2008. This contract demonstrates that our solar modules meet the quality standards of leading solar system integrators and distributors around the world. We welcome this growth opportunity to increase our presence in the global solar market."
About Solar EnerTech Corp.
Solar EnerTech is a photovoltaic ("PV") solar energy cell manufacturing enterprise based in Shanghai, China, where the Company has established a sophisticated, 42,000-square foot manufacturing plant in Shanghai's Jinqiao Modern Technology Park. Currently, the facility is capable of producing 25Mw of solar cells from its existing production line. The Company plans to install a second 25 Mw production line to better utilize the capacity of the plant and to meet expected future customer demand.
Solar EnerTech has also established a Joint R&D Lab at Shanghai University to research and develop higher-efficiency cells and to put the results of that research to use in its manufacturing processes. Led by one of the industry's top scientists, the Company expects its R&D program to help bring Solar EnerTech to the forefront of advanced solar technology research and production. The Company also has a marketing, purchasing and distribution arm in Northern California's Silicon Valley.
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